Provably secure cryptosystem?

Admittedly, the article doesn’t have an awful lot of technical details, so my criticism may be way off base. But it sounds to me like this guy has reinvented one-time pads. Here’s a bit of the article:

The coding starts with a continuously generated string of random numbers, say from a satellite put up to broadcast them or from some other source. The numbers can be coming by at an enormous speed 10 million million per second, for example.

The sender of a message and its recipient agree to start plucking a sequence of numbers from that string. They may agree, for example, to send a message, encoded with any of today’s publicly available encryption systems saying “start” and giving instructions on capturing certain of the random numbers. As they capture the numbers, the sender uses them to encode a message, and the recipient uses the numbers to decode it.

So it’s a transient system; you could only use it for synchronous communications. And instead of having the one-time pad in a physical medium, you’ve got a device which reads a stream of random data from a satellite or something. Ok, that’s kind of neat. But it’s hardly groundbreaking work, is it? One-time pads have been around forever. All this proposal does is create a public source of enough random data that it’d be impractical to archive the stream for later replay attacks.

Does anyone know more about this than is given in the article? What am I missing?